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🔹 Sales: $7.03 B (Est. $6.91 B) 🟢; UP +11% YoY

🔹 Adjusted EPS: $2.95 (Est. $2.93) 🟢; UP +8% YoY

Guidance

🔸 Q3’25 sales & revenues to grow moderately YoY

🔸 Net incremental tariffs of $400 M–$500 M in Q3 ’25; $1.3 B–$1.5 B in FY ’25

🔸 FY25 capital expenditures around $2.5 B

🔸 FY25 sales & revenues slightly higher YoY (prior outlook: flat)

Q2 Segment Results

🔹 Electrical Americas Sales: $3.35B; UP +16% YoY

🔹 Electrical Global Sales: $1.75B; UP +9% YoY

🔹 Aerospace Sales: $1.08B; UP +13% YoY

🔹 Vehicle Sales: $663M; DOWN -8% YoY

🔹 eMobility Sales: $182M; DOWN -4% YoY

Other Metrics

🔹 Organic Sales Growth: 8% (high end of guidance)

🔹 Consolidated Segment Margin: 23.9% (Record; high end of guidance)

🔹 Backlog Increase: +$2.5 B

🔹 Free Cash Flow: $716M

CEO Commentary

🔸 “I’m proud to share Eaton’s strong second quarter results, reflecting our team’s commitment to leading and executing on our strategy to become the world’s premier power management company … well positioned to capitalize on megatrends including digitalization, electrification, reindustrialization and increased defense spending.”

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• Adj EPS $2.72 (est $2.71)
• Rev $6.38B (est $6.28B)
• Electrical Americas Net Sales $3.01B (est $2.97B)
• Sees Q2 ADJ EPS $2.85 To $2.95 (est $2.91)
• Still Sees FY Adj EPS $11.80 To $12.20 (est $12.02)
• Guidance Reflects Est Impact Of Tariff Rate

$ETN (-0,77%)

Eaton delivered record Q4 FY24 results, driven by strong order growth in its Electrical and Aerospace segments. The company continues to capitalize on megatrends in electrification and digitalization, despite headwinds from currency translation and industry-wide labor disruptions.

📊 Income Statement Highlights (vs Q4 FY23)

▫️Net Income: $971M vs. $933M (+4%)

▫️Total Revenue: $6.24B vs. $5.94B (+5%)

▫️Organic Revenue Growth: +6% (offset by 1% negative FX impact)

▫️Adjusted EPS: $2.83 vs. $2.55 (+11%)

▫️Gross Margin: 38.9% vs. 37.6% (+130bps)

▫️Segment Operating Margins: 24.7% (+190bps, record level)

▫️Operating Cash Flow: $1.6B (+23%)

▫️Free Cash Flow: $1.34B (+27%)

🔹 Business Segment Performance:

▫️Electrical Americas: Revenue $2.90B (+9%), operating margin 31.6% (+310bps)

▫️Electrical Global: Revenue $1.57B (+4%), operating margin 17.7%

▫️Aerospace: Revenue $971M (+9%), operating margin 22.9%

▫️Vehicle: Revenue $647M (-10%), operating margin 18.8% (+90bps)

▫️eMobility: Revenue $147M (-11%), operating margin 1.8%

💼 Balance Sheet Highlights (vs Q4 FY23)

▫️Total Assets: $38.38B vs. $38.43B

▫️Total Liabilities: $19.85B vs. $19.36B

▫️Total Equity: $18.53B vs. $19.07B

▫️Cash & Short-term Investments: $2.08B vs. $2.61B

▫️Total Debt: $9.15B vs. $9.26B

🔮 Future Outlook (FY25 Guidance)

▫️Revenue Growth: 7-9%

▫️Segment Operating Margins: 24.4-24.8%

▫️EPS: $10.60 - $11.00 (+14% at mid-point)

▫️Adjusted EPS: $11.80 - $12.20 (+11% at mid-point)

▫️Q1 FY25 EPS: $2.30 - $2.40 | Adj. EPS: $2.65 - $2.75

Order Backlog Strength:

▫️Electrical Americas: Backlog +29% YoY, Book-to-Bill at 1.2x

▫️Aerospace: Backlog +16% YoY, Book-to-Bill at 1.1x

Strategic Priorities:

Eaton is leveraging electrification, automation, and digitalization trends to drive sustained growth. Despite macroeconomic uncertainty, the company remains focused on operational efficiency, margin expansion, and capitalizing on increasing infrastructure investment.